Wall St not in bubble territory, but pullback likely:PortShelter

The Wall Street closed lower on Thursday after a nearly 12-day-long run as financials lagged on the back of the talk of a potential rate hike by the US Federal Reserve. PortShelter Investment Management believes going forward a rate hike will not have a significant impact on the US markets.

The US markets aren’t at stratospheric levels and definitely not in a “bubble territory”, Richard Harris told CNBC-TV18. The founder of the investment consulting firm said that the US market is in a substantial bull run but there is a likelihood of a pull back after the recent rally.

Meanwhile, all eyes will be on the speech from Federal Reserve Chair Janet Yellen, who is expected to speak at the Executives Club of Chicago later on Friday.

This speech comes at a time when markets have increasingly priced in hike from the Fed at its March 14-15 meeting. On Tuesday, New York Fed President and one of the most influential US central bankers William Dudley said that the case for higher rates "has become a lot more compelling" since Donald Trump's presidential victory.